Interest Rate

Processing Fee

Loan amount

Tenure

Avail up to Rs. 20 Lacs if you are salaried and Rs. 30 Lacs if you are a self- employed businessman. The actual loan amount eligibility will be calculated based on your income and other parameters that the Fullerton India Relationship Manager will explain.

Enjoy repayment period ranging from 12 months to 48 months.

Enjoy 0% documentation charges

Eligibility for Personal Loan

Applicant should be either a Salaried individual or Self-Employed Individual.

Pros

Cons

Fullerton India Personal Loan

Fullerton India is a non-banking financial company, offering personal loan from minimum Rs. 50,000 to maximum Rs. 30 Lacs. Any eligible applicant can avail the personal loan for the period of minimum Rs. 12 months to maximum 60 months. However, the repayment period for home improvement personal loan is minimum 12 months to maximum 180 months, that is maximum 15 years. The interest rate that Fullerton India currently levies on personal loan ranges between 11.99% to 23.99% per annum along with a one time processing charges ranging between 1.50% to 6.50% of the sanctioned loan amount.

Fullerton India provide personal loans for almost every need, be it marriage, home improvement, traveling for a vacation, medical emergency, for purchasing consumer durable products, salaried and self-employed, women and doctors.

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Why Fullerton India is a good fit for you?

Have Monthly Income of Rs. 75,000 or Above – If you have a monthly income of Rs. 75,000 or above, then fullerton india can be a good choice for you, since they offer elite treatment to the applicants who have monthly income of Rs. 75,000 or above. The elite customer are offered special benefits like doorstep document collection and personal relationship manager to assist you with your personal loan queries.

Fullerton India Personal Loan at a glance

Annual Interest Rate

11.99% - 23.99%

Loan Term

12 Months - 60 Months

Loan Amount

Rs. 50,000 - Rs. 30 Lacs

Maximum Rs. 20 Lacs for Salaried and Rs. 30 Lacs for Self-Employed

Time of Funding

Within 1 to 3 days

After receipt of complete documents

Pre-Payment Charges

Zero to 7% of the loan amount

Allowed after first 6 months from the date of loan agreement

Why Choose Fullerton India?

Instant Online Approval – With Fullerton India, you can get approval on your personal loan application instantly. The instant approval facility is offered only on Online Personal loan application and depends upon the eligibility of the applicant along with receipt and verification of the all the necessary documents.

What to watch out for?

High Processing Charges – The processing charges levied by Fullerton India are quite high. Currently, they charges a processing fee between 1.50% to 6.50% of the sanctioned loan amount.

High Interest Rates – The interest rates Fullerton India currently charges to personal loan borrower are quite high in the market. Fullerton India levies an interest rate ranging between 11.99% to 23.99% per annum.

Disbursal can take up to 72 hours after approval – Availing a personal loan from Fullerton India can be an issue if you are stuck in an emergency and needs the funds urgently. It can take upto 72 hours or 3 days to get the funds after approval. However, in case of personal loan for medical emergency, fullerton india offer disbursal within 24 hours of approval.

No Part-Payment Allowed – When availing a personal loan with Fullerton India, you should keep it in mind that fullerton india doesn't allow it's customer to prepay their personal loan through part-payment. You can only prepay your personal loan using foreclosure prepayment method.

On comparing Fullerton India with its main competitors such as Bajaj Finserv and Capital First, you can see that the starting interest rate is only 0.01% lowered than its competitor whereas the higher range of the interest rate have almost 6% difference with starting interest rate being 11.99% and maximum up to 23.99% per annum.

As far the processing charges are concerned, Fullerton India charges a processing fee equal to minimum 1.50% to 6.50% of the loan amount, which is quite huge in comparison of what Bajaj Finserv and Capital First are offering to their borrowers. As of the disbursal or funding time, Fullerton India takes longer than Bajaj Finserv and Capital First, except in the case of Personal Loan for Medical Emergency where Fullerton India also disburse the loan within 24 hours of approval same as its competitors.

The prepayment charges on Fullerton India Personal Loan is quite high than other banks. Fullerton India currently charges a prepayment charges of upto 7% of the principal outstanding amount, where you are only allowed to prepay your personal loan using only foreclosure method since pre-closure using part-payment method is not allowed by Fullerton India.

Am I Eligible?

Minimum age of the applicant should be 21 years at the time of loan application.

Maximum age of 65 years required at the time of loan maturity in case of Salaried applicant and maximum 60 years in case of Self-Employed applicant.

Applicant should have a minimum net monthly income of Rs. 12,500 in case of Salaried and Rs. 15,000 in case of Self-Employed.

Elite customer must have a minimum monthly income of Rs. 75,000 or above.

Salaried Applicant should have a total work experience of minimum 3 Years along with 6 months experience in the current job.

Self-Employed Applicant should have a total work experience of minimum 2 Years

Applicant should have been staying at the current residence for at least 1 year minimum.

Loan Offerings

Fullerton India Personal Loan

Fullerton India offers personal loan for both Salaried and Self-Employed Businessmen. With Fullerton India, a salaried borrower can avail personal loan as high as Rs. 20 Lacs and a Self-Employed Businessmen can avail up to maximum Rs. 30 Lacs. The repayment tenure offered on Fullerton India personal loan is ranging between 12 months to maximum 48 months.

As per the applicable interest rate is concerned, the applicable interest rate starts from 11.99% per annum and goes as high as 23.99% per annum with processing fee ranging between 1.50% to 6.50% on the loan amount. The availed personal loan is unsecured loan; hence, you don't need to provide any collateral security or guarantor to avail the loan amount.

Documentation required for Personal Loan for Salaried:

Bank Statements for last 6 months or Last 3 months salary slip

Form 16

Income Tax Returns for last 3 years

Processing fee cheque

Signed Loan Application with KYC Documents and one recent photograph

Documentation required for Personal Loan for Self-Employed:

Proof for Business Existence

Profit and loss statement for last 3 years

Balance sheet for last 3 years

Income Tax Returns for last 3 years

Processing fee cheque

Signed Loan Application with KYC Documents and one recent photograph

Fullerton India Personal Loan For Elite

Fullerton India offers a specific personal loan scheme for elite customer and provide special preference over the regular customer. An Elite customer is one who is earning a monthly income of Rs. 75,000 or above and can avail a personal loan of minimum Rs. 8 Lacs to Rs. 20 Lacs.

Being an Elite Personal Loan customer, fullerton india gives you the special facilities like Doorstep collection of personal loan documentation and relationship manager. The interest rate offered to Elite personal loan customer is similar to regular personal loan i.e. ranging between 11.99% to 23.99% per annum.

Documentation required for Personal Loan for Elite:

Copy of Payslip for last 3 months or Bank account statement for last 6 months

Income Tax Returns for last 3 years

Processing fee cheque

KYC Documents and one recent photograph

Fullerton India Personal Loan for Wedding

Fullerton India also offers personal loan for wedding similar to its various competing banks. An eligible customer can avail personal loan as high as Rs. 25 Lacs for repayment period ranging between 24 months to maximum 60 months.

The applicable interest rate on Wedding Loan is ranging between 11.99% to 23.99% per annum with processing charges between 1.50% to 6.50% on the loan amount. The wedding loan offered by Fullerton India is not just collateral free but you also don't need to provide any guarantee to avail the loan.

Documentation for Personal Loan for Wedding:

Proof of marriage like Wedding Card

Bank Statements for last 6 months

Form 16 / Income Tax Returns for last 3 years

Processing fee cheque

Signed Loan Application with KYC Documents and one recent photograph

Fullerton India Personal Loan for Holiday

Apart from the personal loan for Wedding, Fullerton India also offer personal loan to fulfill the need of your dream vacation. A borrower can avail amount as high as Rs. 25 Lacs under Personal Loan for Holiday scheme.

The interest rate offered on the scheme is similar like other personal loan scheme offered by Fullerton India. It ranges from 11.99% per annum to 23.99% per annum. The repayment period ranges between 24 months to 60 months.

Documentation for Personal Loan for Holiday:

Travel Package Cost Estimation

Copy of VISA and Passport in case of foreign travel

Bank Statements for last 6 months

Form 16 / Income Tax Returns for last 3 years

Processing fee cheque

Signed Loan Application with KYC Documents and one recent photograph

Fullerton India Personal Loan for Doctors

Fullerton India offers a personal loan scheme specific for Doctors. An eligible doctor can be a Consultant or a Practicing Doctor working in Government or private hospital. The doctors working in a clinic are also eligible to avail the loan. An eligible doctor or consultant can avail personal loan as high as Rs. 30 Lacs and is allowed to repay the personal loan amount between 24 months to 60 months.

Borrower will be offered an interest rate of between 11.99% to 23.99% per annum, where borrower need not to pay any collateral security or guarantee against the loan.

Documentation for Personal Loan for Doctors:

Copy of Certificate of Practice

Copy of the Degree

Bank Statements for last 6 months

Form 16 / Income Tax Returns for last 3 years

Processing fee cheque

Signed Loan Application with KYC Documents and one recent photograph

Fullerton India Personal Loan for Home Improvement

Apart from Personal Loan for Wedding and Vacation, fullerton india also offers personal loan for home improvement. If you're in need of funds to renovate your existing home, then you can avail personal loan for home improvement from Fullerton India of upto Rs. 25 Lacs. The maximum loan amount an applicant can avail is limited to the 90% value of the home improvement cost.

The tenure offered to home improvement personal loan customer is ranging between 1 year to 15 years. As far the disbursal is concerned, applicant can avail the funds in his/her account within a week from the date of approval without offering any collateral or guarantor. The interest rate offered on personal loan for home improvement is ranging between 11.99% to 23.99% per annum.

Documentation required for Personal Loan for Home Improvement:

Cost Estimation of the Home Improvement Project

Copy of House Documents named in the borrower.

Bank Statements for last 6 months

Form 16 / Income Tax Returns for last 3 years

Processing fee cheque

Signed Loan Application with KYC Documents and one recent photograph

Fullerton India Personal Loan for Medical Emergency

Fullerton India also offers personal loan for Medical Emergency. A borrower can avail personal loan of up to Rs. 25 Lacs with repayment period as long as 12 months to 60 months.

The disbursal for personal loan for medical emergency is quick than other personal loan variants offered by Fullerton India and funds can be availed within 24 hours of document verification.

Documentation required for Personal Loan for Medical Emergency:

Cost Estimation as signed by the Hospital

Copy of the documents related to the medical treatment

Bank Statements for last 6 months

Form 16 / Income Tax Returns for last 3 years

Processing fee cheque

Signed Loan Application with KYC Documents and one recent photograph

Fullerton India Personal Loan Rate of Interest

Personal Loan Type

Applicable Interest Rate

Fullerton India Personal Loan

11.99% - 23.99% per annum

Fullerton India Personal Loan for Elite

11.99% - 23.99% per annum

Fullerton India Personal Loan for Wedding

11.99% - 23.99% per annum

Fullerton India Personal Loan for Holiday

11.99% - 23.99% per annum

Fullerton India Personal Loan for Doctors

11.99% - 23.99% per annum

Fullerton India Personal Loan for Home Improvement

11.99% - 23.99% per annum

Fullerton India Personal Loan for Medical Emergency

11.99% - 23.99% per annum

How do I apply for Fullerton India Personal Loan?

At Paisa

First of all, choose a certain scheme that suits your requirements as offered by Fullerton India above.

Once you have chosen a particular scheme to go with, click on the "Apply Now" button to initiate the application process.

You'll be asked to provide certain information about yourself such as your DOB, Mobile Number and Email Address etc.

After I Apply?

Check Personal Loan Status

Enter your personal loan application number which you can find on your registered mobile number and email address.

Now, enter your Date of Birth and registered mobile number.

Click on "Check Loan Status"

Note: The status of your personal loan application will appear on your screen.

Once I'm Approved?

Receiving Personal Loan Sanction Letter

A digital copy of your personal loan sanction letter will be send to you on your registered email address within 2 to 3 days from the date of loan disbursement.

Fees & Penalties

Type of Charge

Applicable Charges

Processing Charges

Up to 6.5% of the Loan Amount

Prepayment Charges

7% of the principal outstanding if prepayment is between 7 months to 17 months from the date of loan agreement

5% if between 18 months to 23 months from the date of loan agreement

3% if between 24 months to 35 months from the date of loan agreement

NIL if prepayment is made after 36 months from the date of loan agreement

Penal Charges

0.75% on the outstanding principal amount

EMI Bounce Charges

Rs. 30 per instance

Instrument Swapping Charges

Rs. 500 per instance

Loan Cancellation

Rs. 1,000 per instance

The processing charges ranging between 1.50% to 6.50% as levied by Fullerton India are quite huge as compared to its competing financial institution such as Bajaj Finance, Capital First and private sector banks like Axis Bank, ICICI Bank etc.

As of the prepayment charges, Fullerton India is charging 7% of the principal outstanding if foreclosure is made between 7 to 17 months from the date of loan agreement, 5% on the principal outstanding if foreclosure is made between 18 to 23 months from the date of loan agreement, 3% on the principal outstanding if foreclosure is made between 24 to 35 months from the agreement date. However, you don't have to pay any foreclosure charges if you are prepaying your personal loan anytime after the first 36 months from the agreement date.

The penal charges levied by Fullerton India is 0.75% of the principal outstanding balance as compared to its competitors where Bajaj Finserv and Capital First charges penal interest of 2% on the overdue EMI. On comparing both, a 2% penal charges on the overdue EMI is rather cheap than paying
0.75% on the principal outstanding amount if your loan amount is high.

Apart from it, the EMI Bounce charges are quite low as compared to other banks with only Rs. 30 on each instance, whereas many other banks charges Rs. 100 to Rs. 500 or even above for each EMI Bounce.